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The Singapore Mercantile Exchange is expecting to launch an iron ore futures contract in the second quarter, its chief executive said on Wednesday.
“Core aspects of the SMX iron ore futures contract have been finalized in conjunction with MAS (Monetary Authority of Singapore) and industry feedback for anticipated launch in Q2 2011,” Thomas McMahon said in an emailed response to a Reuters query.
Singapore and India are racing to launch the world’s first iron ore futures contract. The Indian Commodity Exchange said on Tuesday it was planning to launch an iron ore futures contract in a month, after securing approval of the commodity regulator.
